CEIBA Investments Limited

Investing in real estate and other real assets in Cuba

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Latest news

An update from our investment manager, Sebastiaan Berger - Friday 19 June

On 20 May 2020, CEIBA Investments Limited (“CEIBA” or the “Fund”) published its Q1 NAV at US$205.4 million (31 December 2019: US$206.7 million) and on 8 June the Fund provided a Trading Update with respect to the Fund.  These documents can be accessed below under the latest Regulatory News Service (RNS) announcements.  

Covid-19 under control – Hotels to reopen - Safety of Clients comes first

On 10 June the Cuban government announced that it has the coronavirus outbreak under control and that it would reopen Cuba and its economy in three phases. The first phase involves domestic tourism restarting from the beginning of July. The second involves regular international flights possibly starting during August (with lodging for international tourists limited to secluded and easily isolated areas that are nevertheless easily accessible by air such as Cayo Coco, Cayo Santa Maria, Cayo Largo and possibly Varadero). The third phase involves the reopening of all tourism destinations and phased coming online of all hotels, and is expected to start towards the end of Q3.

Meanwhile, Meliã Hotels International S.A., CEIBA’s strategic partner and operator of the Meliã Habana, Meliã Las Americas, Meliã Varadero and Sol Palmeras Hotels has launched a new marketing campaign focussing on Cuba being one of the safest destinations worldwide. The campaign outlines the measures and steps that are being taken with a view to preventing contagion from Covid-19.

The Meliã Habana Hotel – which was never fully closed – is expected to be amongst the first hotels in Havana to offer increased capacity to visitors and the Meliã Varadero and Sol Palmeras Hotels are expected to restart operations during the first phase of recovery. Nevertheless, for the time being the Manager remains cautious with respect to the time that it will take for the hotels in which the Fund has an interest to fully come back on line and estimates that it will take at least a full year to return back to pre Covid-19 levels.  With the coronavirus outbreak under control, the Manager has also started discussions with the Italian-Cuban construction partnership to increase construction activity and aim for an opening of the 400 room Meliã Trinidad Península Hotel before the start of 2021’s high season.

Key People

Sebastiaan Berger

Sebastiaan Berger

Lead Manager

Sebastiaan A.C. Berger is a Dutch trained lawyer who has resided in Cuba since 1996. He has been assisting foreign investors in Cuba since 1996, first as founder of the Havana office of an international law firm, then as a founding partner of Berger, Young and Associates (1998). He has been the lead investment manager of CEIBA Investments Limited and Representative of the Havana Office of CEIBA Property Corporation Ltd. (CEIBA) since 2002.
Stephen Coltman

Stephen Coltman

Senior Investment Manager

Stephen Coltman is a Senior Investment Manager within the Alternative Investment Strategies division at ASI. Stephen has extensive experience investing across both public and private markets and spent the majority of his formative years based in Latin America, including a 3 year period in Cuba during the 90s. Stephen is a CFA charterholder.*

* CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

  • Sebastiaan Berger

    Lead Manager

    Sebastiaan A.C. Berger is a Dutch trained lawyer who has resided in Cuba since 1996. He has been assisting foreign investors in Cuba since 1996, first as founder of the Havana office of an international law firm, then as a founding partner of Berger, Young and Associates (1998). He has been the lead investment manager of CEIBA Investments Limited and Representative of the Havana Office of CEIBA Property Corporation Ltd. (CEIBA) since 2002.
  • Stephen Coltman

    Senior Investment Manager

    Stephen Coltman is a Senior Investment Manager within the Alternative Investment Strategies division at ASI. Stephen has extensive experience investing across both public and private markets and spent the majority of his formative years based in Latin America, including a 3 year period in Cuba during the 90s. Stephen is a CFA charterholder.*

    * CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

John Herring

John Herring

Chairman

John qualified as a Chartered Accountant in 1982. In 1986, John joined the corporate finance department of Kleinwort Benson, where he was involved in the IPOs on the LSE for several companies. In 1996 he established his own private equity advisory business and joined the boards of a number of public and private companies including JD Wetherspoon plc where he became deputy chairman and served as a non-executive director for 14 years. He is currently the non-executive chairman of the Edinburgh Woollen Mill Group Limited. John acts as a Consultant to Northview Investment Fund Limited which currently owns 32,150,544 Ordinary Shares representing 29.86 per cent. of the existing issued share capital of the Company.
Trevor Bowen

Trevor Bowen

Non-Executive Director

Experienced director with over 30 years’ experience spanning across a variety of industries. Trevor spent 11 years as a partner of KPMG and 17 years managing U2 and other artists. Trevor has acted as a non-executive director on a number of boards, most notably a director on the board of Ulster Bank for 9 years, which included 6 years as the chairman of the Banks audit committee. He is an Irish national and a Qualified Chartered Accountant.
Keith Corbin

Keith Corbin

Non-Executive Director

Principal and executive chairman of Nerine International Holdings Limited, a network of trust and fiduciary services companies with operations in Guernsey, British Virgin Islands, Hong Kong, India, and Switzerland and serves as a director of a number of regulated financial services companies. He is also the senior independent non-executive director of HarbourVest Global Private Equity Limited, a FTSE 250 company. Keith is an Associate of Chartered Institute of Bankers (ACIB) and a Member of the Society of Trust and Estate Practitioners (STEP).
Pete Cornell

Peter Cornell

Senior Independent Director

Peter is a founding partner of Metric Capital, a pan-European special situations fund. He is a non-executive Director of F&C Commercial Property Trust Limited and a member of the International Advisory Board of the Madrid Business School. Previously he was Global Managing Partner of Clifford Chance until 2006. During his 36 year tenure with Clifford Chance his roles included managing partner for Spain and Continental Europe. He then became managing director of Terra Firma, a European private equity firm until 2011. Peter holds a BA (Hons) in Economics and History.
Colin Kingsnorth

Colin Kingsnorth

Non-Executive Director

Colin is a partner and director of Laxey Partners Limited, a UK-based active value investment firm focusing on closed-end funds and property investments. Colin previously worked for Robert Fleming Asset Management, headed the investment trust research at Olliff & Partners and managed the emerging markets fund of Buchanan Partners Limited. In 1995, Colin co-founded Regent Kingpin Capital Management. In 1997, he founded Laxey Partners Ltd with Andrew Pegge. Since then Laxey Partners Ltd has become a prominent active value investor focusing on closed-end funds and property investments. Colin holds a BSc in Economics and is a CFA Charterholder.
  • John Herring

    Chairman

    John qualified as a Chartered Accountant in 1982. In 1986, John joined the corporate finance department of Kleinwort Benson, where he was involved in the IPOs on the LSE for several companies. In 1996 he established his own private equity advisory business and joined the boards of a number of public and private companies including JD Wetherspoon plc where he became deputy chairman and served as a non-executive director for 14 years. He is currently the non-executive chairman of the Edinburgh Woollen Mill Group Limited. John acts as a Consultant to Northview Investment Fund Limited which currently owns 32,150,544 Ordinary Shares representing 29.86 per cent. of the existing issued share capital of the Company.
  • Trevor Bowen

    Non-Executive Director

    Experienced director with over 30 years’ experience spanning across a variety of industries. Trevor spent 11 years as a partner of KPMG and 17 years managing U2 and other artists. Trevor has acted as a non-executive director on a number of boards, most notably a director on the board of Ulster Bank for 9 years, which included 6 years as the chairman of the Banks audit committee. He is an Irish national and a Qualified Chartered Accountant.
  • Keith Corbin

    Non-Executive Director

    Principal and executive chairman of Nerine International Holdings Limited, a network of trust and fiduciary services companies with operations in Guernsey, British Virgin Islands, Hong Kong, India, and Switzerland and serves as a director of a number of regulated financial services companies. He is also the senior independent non-executive director of HarbourVest Global Private Equity Limited, a FTSE 250 company. Keith is an Associate of Chartered Institute of Bankers (ACIB) and a Member of the Society of Trust and Estate Practitioners (STEP).
  • Peter Cornell

    Senior Independent Director

    Peter is a founding partner of Metric Capital, a pan-European special situations fund. He is a non-executive Director of F&C Commercial Property Trust Limited and a member of the International Advisory Board of the Madrid Business School. Previously he was Global Managing Partner of Clifford Chance until 2006. During his 36 year tenure with Clifford Chance his roles included managing partner for Spain and Continental Europe. He then became managing director of Terra Firma, a European private equity firm until 2011. Peter holds a BA (Hons) in Economics and History.
  • Colin Kingsnorth

    Non-Executive Director

    Colin is a partner and director of Laxey Partners Limited, a UK-based active value investment firm focusing on closed-end funds and property investments. Colin previously worked for Robert Fleming Asset Management, headed the investment trust research at Olliff & Partners and managed the emerging markets fund of Buchanan Partners Limited. In 1995, Colin co-founded Regent Kingpin Capital Management. In 1997, he founded Laxey Partners Ltd with Andrew Pegge. Since then Laxey Partners Ltd has become a prominent active value investor focusing on closed-end funds and property investments. Colin holds a BSc in Economics and is a CFA Charterholder.

 

Financial calendar

Year End 31 December
Accounts Published April
Annual General Meeting June
Dividend Paid May

Company Details

CEIBA Investments Limited
Registered Office:
Dorey Court,
Admiral Park,
St Peter Port
Guernsey
GY1 2HT

The Company was incorporated in Guernsey as a non-cellular company limited by shares on 10 October 1995 under registration number 30083. It was admitted to the Specialist Fund Segment of the Main Market of the London Stock Exchange on 22 October 2018.

The Company is a Registered Closed-ended Collective Scheme pursuant to The Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended, and the Registered Collective Investment Schemes Rules 2015 issued by the Commission. The Company operates under the Companies Law and ordinances and regulations made thereunder.

The Company is a country fund with a primary focus on Cuban real estate assets.

The Company will seek to deliver the investment objective primarily through investment in, and management of, a portfolio of Cuban real estate assets, with a focus on the tourism-related and commercial property sectors. Cuban real estate assets may also include infrastructure, industrial, retail, logistics, residential and mixed-use assets (including development projects). The Company may also invest in any type of financial instrument or facility secured by Cuba related cash flows or other receivables.

In addition, subject to the investment restrictions set out below, the Company may invest in other Cuba-related businesses, where such are considered by the Investment Manager to be complementary to the Company’s core portfolio (“Other Cuban Assets”). Other Cuban Assets may include, but are not limited to, Cuba related businesses in the construction or construction supply, logistics, energy, technology, and light or heavy industrial sectors.

Investments may be made through equity, debt or a combination of both.

Risk Warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Investors should review the relevant Key Information Document (KID) brochure prior to making an investment decision.
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